Two New Insurance Companies in Maine

As a nationally licensed insurance broker InsureDirect.com writes Auto & Homeowners Insurance throughout the United States. The state of Maine is an insurance market which InsureDirect.com is looking to expand. If you are a licensed driver in the State of Maine and your shopping for car insurance, give us a call at our Toll-Free 1-800 Quote Hot-line and (800) 807-0762.

Recently, the Main State Insurance Department inform the public that two insurance companies will start preparing quotes later this month which will soon be succeeded by another workers’ insurance company. Great Falls Insurance Company, which will start its services and begin offering policies later this month, will be headquartered in Auburn, Maine. The other company, First Maine Captive Insurance Company will start some time later this year. It is created by three workers’ compensation group self-insurers. First Maine Captive, when it opens, will be a captive insurance company.

Since 2003, there has been no captive insurance company in the said state despite the fact that it has been open to captive insurance companies since 1997. The administration of the captive will be led by R.A. Peterson Association.

Superintendent Mila Kofman claims that due to recent modification in captive laws in the state, Maine has become “more and more attractive for captive insurance companies”. He continues that the laws and regulatory environment have attracted insurance companies to Maine. It is therefore unsurprising that one of the two of these companies have considered making Maine their home base.

As of today, 19 insurance companies including Cheap Auto Insurance, Homeowners Insurance, Motorcycle Insurance Companies have their headquarters in Maine. InsureDirect.com represents many of these carriers including a number of Commercial and Commercial Vehicle Insurance Companies. In addition, 1,119 otherExcess & Surplus lines insurance companies which possess their license to do business in Maine. Excess & Surplus Lines carriers will normally insure risks which your admitted state carriers will not.